TIAWA PERMIT

Exploration permits have been granted to African GeoMin for a period of three years ending on January 7, 2005.

Major infrastructure facilities have already been built such as access road, landing strip, surface water dam, storage reservoir, water pipeline and electrical production. No exploration work conducted in the permit.

The African Development Bank has approved a USD12.5 million loan for Montreal-based Semafo to finance the Samira Hill-Libiri gold mining project in Niger. To complete the project a total capital expenditure of approximatively USD26 million is required. The project concerns the production of gold through the development of the adjacent Samira Hill and Libiri gold deposits. The processing plant to be constructed will use a carbon leaching process, capable of processing up to 6,000 tonnes of ore daily. Substantive infrastructure facilities have already been built such as access road, landing strip, surface water dam, storage reservoir, water pipeline and electrical production.The mine is expected to produce 135,000 oz in its first year of production at a project cash cost of USD165/oz and to produce an average of 100,000 ounces of gold per year at an average project cash cost of USD188/oz. Reserves at Samira-Libiri total 10,073,626 tonnes grading 2.21 g/t gold with 618,036 recovered ounces for a mine life of 6.3 years.